Saudi Arabian fintech company Malaa has successfully secured $17.3 million in a Series A funding round, led by SNB Capital, the country’s largest asset manager. The round also saw participation from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.
Founded in 2021 by Ali Aloraini and Faisal Alqarni, Malaa specializes in wealth management, providing data-driven financial tools and services to help individuals and organizations make informed financial decisions. The new funds will be used to expand Malaa’s offerings, including the introduction of a new suite of investment and savings products, along with additional features and services tailored to meet customer needs.
In March 2022, Malaa raised $1.7 million in a Seed round from prominent regional investors. The company operates within the Saudi Central Bank’s regulatory sandbox and has established itself as a leading player in the Saudi wealth management sector.
Commenting on the funding round, Co-Founder and CEO Ali Aloraini highlighted the role of the Saudi Central Bank’s regulatory sandbox and the Financial Market Authority’s fintech lab in Malaa’s development. He emphasized that the new funding will allow the company to strengthen its compliance, governance, and cybersecurity systems, which are essential for maintaining service stability, protecting customer data, and preventing fraud.
Co-Founder and Chief Strategy Officer Faisal Alqarni expressed that the investment reflects strong confidence from the Kingdom’s top asset managers in Malaa’s vision. He noted that the funds will be used to enhance the customer experience by offering innovative and high-quality wealth management products, helping clients achieve their financial objectives efficiently.
This investment reinforces Malaa’s commitment to leading the wealth management industry by providing top-tier solutions. The company is focused on launching new investment and savings products and expanding its range of services to meet the evolving needs of its customers.
